Meet highlights investment opportunities in Sultanate

Muscat: The Public Establishment for Industrial Estates (Madayn)organised Oman-India Investment Meet in Muscat on Sunday under the auspices of Yahya bin Said al Jabri, Chairman of the Special Economic Zone Authority at Duqm (SEZAD), and Chairman of Ithraa.
Speaking at the event, Hilal bin Hamad al Hasani, CEO of Madayn, pointed out that the event aims at bringing together top level decision makers to showcase the available investment opportunities in these industrial cities. “This gathering represents an ideal platform to get acquainted with the incentives offered by the Sultanate in general and Madayn in particular to potential investors,” he said.
“The Sultanate of Oman and India enjoy long-term official, friendly, historical, cultural and economic relations. The industrial scene in Oman is seeing a dynamic investment activity from the Indian investors. In fact, the Indian investors are among the top three nationalities investing in Madayn’s various industrial cities across Oman. With the aim of boosting Oman-Indian investment ties, Madayn has set up a representative office in India to promote Oman and Madayn as an attractive destination for investments.”
Jalal al Lawati, Marketing and Promotion Director at SEZAD, explained that Duqm enjoys a strategic location, diverse natural resources, transport and ease of doing business. He also elaborated that the economic drivers of SEZAD include land for development, export manufacturing platform, mineral processing, maritime transit hub, logistics gateway and an incubator of renewable energy and clean technology industries.
Mustafa al Lawati, acting CEO of Oman Investment and Development Holding Company (Mubadrah), stated that Madayn introduced Mubadrah to strengthen Public-Private Partnership.
Mubadrah is undertaking constant efforts to attract international developers in the development of industrial cities. Mubadrah aims at developing and improving competitiveness, infrastructure and facilities of the various industrial cities.
Al Lawati outlined the incentives offered by Madayn to the investors including lease period of land and facilities for up to 30 years, renewable for the same period; right to sell constructions and buildings on the leased land; right to lease the buildings and facilities built on the leased lands by investors; right to involve new partners in the lease contract; exemption from tax on net profit for a period of five years for industrial projects; exemption from customs duties and taxes on production input; and other incentives. Salah al Zakwani, CEO of Shumookh Investment and Services, the investment arm of Madayn, highlighted the role of Shumookh. He said that Shumookh was established to develop globally competitive industrial infrastructure in the industrial cities and create the best environment for the growth of industries in Oman through attracting strategic partnerships to invest and implement diverse infrastructure development projects in the industrial cities of Madayn.
Al Zakwani noted that Shumookh works closely with local and international partners to develop innovative projects that can create new growth industries in Oman.
Trowers & Hamlins representative delivered a presentation on the requirements of setting up a new business in Oman, including approvals, legal and taxation, manpower recruitment, among other requirements. Two of the localised companies at Madayn’s industrial cities shared their successful experience in various sectors.
Oman-India Investment Meet has offered an ideal platform to underscore the investment opportunities in Oman in general and Madayn’s industrial cities in particular. The event also provided a great opportunity to explore partnerships between the Omani and Indian companies.
— ONA